Gross value added
11.49 The compilation of annual current price GVA estimates are described in Chapter 9 Gross Domestic Production - Production approach.
11.50 Quarterly current price estimates of gross values added (GVA) by industry are compiled from the income approach. GVA can be distributed as either factor income or as flows to government. This relationship is represented as follows:
| Current Price GVA | = | Compensation of employees (COE) |
| + | Gross operating surplus (GOS) and Gross mixed income (GMI) | |
| + | Other taxes on production | |
| - | Other subsidies on production |
11.51 Quarterly estimates of compensation of employees, gross operating surplus and gross mixed income, other taxes on production and other subsidies on production by industry are described below.
11.52 The table below outlines the data source and methods used in the quarterly compilation of each component of current price GVA. Estimates are produced from 1 July 2002.
| Item | Comment | |
|---|---|---|
| Compensation of employees | ||
The public and private sector contribution to wages and salaries for each industry is determined using information from the Survey of Employment and Earnings, Public Sector, Australia which provides the public sector split of wages and salaries by industry. For industries with no public sector contribution, QBIS wages per industry is used to extrapolate off the latest supply-use benchmark. For industries with public sector contribution a combination of indicator series is used to produce the quarterly estimates. This includes wages and salaries by industry from QBIS to account for private wages and GFS for public wages. These indicators are used to extrapolate the latest annual estimate based on their respective private and public sector COE indicator. Estimates from ABARES are used as the indicator for the Agriculture, Forestry and Fishing industry. | ||
| Gross operating surplus and mixed income | ||
| GOS/GMI for each industry is constructed by adding together the GOS/GMI for the following institutional sectors: | ||
| Private non-financial corporations | ||
Private non-financial corporations GOS by industry estimates are calculated by extrapolating the latest quarterly estimates off annual benchmarks. QBIS CGOP by industry is the source for all industries excluding Agriculture, Forestry and Fishing, Public Administration and Safety, Education and Training and Health Care and Social Assistance. Estimates from ABARES are used as the indicator for the Agriculture, Forestry and Fishing industry. Quarterly estimates for Public Administration and Safety; Education and Training; and Health Care and Social Assistance are derived using linear trend interpolation method. | ||
| Public non-financial corporations | ||
| Public non-financial corporations GOS by industry estimates are obtained by extrapolating the GFS annual estimate of public gross operating surplus using the quarterly GFS indicator series for public gross operating surplus. | ||
| Financial corporations | ||
| See Table 11.23 (Quarterly gross operating surplus-Financial corporations and quasi-corporations) for details of the quarterly compilation of GOS for the Finance and Insurance industry. | ||
| General Government | ||
General Government GOS is equivalent to the value of consumption of fixed capital on general government assets. On an annual basis, general government consumption of fixed capital by industry estimates are produced using the Perpetual Inventory Model (PIM). A linear trend interpolation is applied to these annual estimates to obtain the quarterly estimates. For more information on the quarterly compilation of General Government GOS, see Table 11.22 Quarterly gross operating surplus-General government. | ||
| Gross operating surplus – dwellings own by persons | ||
| See Table 11.21 (Quarterly gross operating surplus-Dwellings owned by persons) for details of quarterly compilation | ||
| Gross mixed income | ||
| Quarterly estimates of GMI are obtained by extrapolating the latest quarterly estimates off the latest annual benchmark estimate of GMI. For most industries, the industry UGOP estimate is used as the indicator, however, certain industries use other data sources. These include:
| |
| Other taxes and subsidies on production | ||
| See Table 11.25 Quarterly taxes less subsidies on production and imports for details of the quarterly compilation and industry distribution of other taxes and subsidies on production. | ||